The BBC is reporting that Mixue Ice Cream and Tea may be unfamiliar to many, but the Chinese firm has more outlets than McDonald’s and Starbucks.
On Monday, the bubble tea chain’s shares jumped by more than 40 per cent in their Hong Kong Stock Exchange debut.
The company raised US$444 million in the financial hub’s biggest initial public offering of the year.
Mixue’s popularity comes as many people in China are grappling with the country’s economic challenges – including a property crisis, and weak consumer and business confidence.
It sells ice cream and drinks for an average of six Chinese yuan or US$0.82.
The company was founded in 1997 by Zhang Hongchao, a student at Henan University of Finance and Economics, as a part time job to help his family’s finances.
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